Disadvantage of bitcoin

[Obari]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

[franky1]

in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds

now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks

[Charles-Tim]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

There are noncustodial wallets, although not recommended.
Banks are given license to provide crypto services to customers in some countries.
Now, bitcoin spot ETF will later be approved by United States SEC. Approved already in some countries.

Just like your fiat in bank that you do not have full control of, bitcoin can exist like that. Although not recommended.

Is that a disadvantage? No.

I can still see bitcoin to be the superior.

Yes, the recommendation is, backup your seed phrase (+ passphrase if included). Many people lost their seed phrase or private key backup in the past because they thought bitcoin price would never increased like this. The price increased and they were looking for a way to access their coins when it has been too late when peanut money become huge amount of money.

[logfiles]

You can't claim to call a spade a spade and then at the same time conclude that traditional banks seem to be one of the safest places to keep our money. They aren't!
Many people are just ignorant about how banks operate, or are simply lazy and careless when it comes to safeguarding their finances.

They would rather push the responsibility to someone else or a third party, and you call that safe? Hell No.
One of the main points of Bitcoin is for you to become your own bank, have a complete control over your funds and by this it's also your responsibility to safeguard those funds, just like how you would keep your fiat cash in your wallet or pocket.

[Tuturtinular]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

One of the biggest risks with Bitcoin is when we lose our wallet keys and when someone hacks our wallet due to a malicious malware attack. We can't complain to anyone if that happens. The banking system will provide compensation if our account is hacked by someone or reset the password if we lose the ATM password. But that's the difference between decentralization and centralization, in a decentralized system no one can freeze our assets but in banking they can freeze our accounts.

With bitcoin, we ourselves hold, maintain and manage our assets without anyone being able to intervene as long as the bitcoin is in our wallet. Different from banks, they are the ones who have full access to our money. So, bitcoin is freedom and liberty, it is more expensive than anything else

[nelson4lov]

 There is no inherent risks with safeguarding Bitcoin as long as the user in question follows the best and recommended practices for safely Bitcoin. As someone who has continously lost money held in centralized orgs like banks, money market firms, etc, I've not had such experience with Bitcoin since I got involved with Bitcoin and this community. If anyone says otherwise, it is the case that they didn't take all the precautionary steps to safeguard their asset.

I actually thought the concern with this thread would be that there is no straightforward way to do on/off ramp for Bitcoin in most countries and there's only small number of support of businesses that has integrated Bitcoin for buying and selling of goods and services OR the fact that Bitcoin fees might not be favorable to the wider population especially in 3rd world countries.

[franky1]

There is no inherent risks with safeguarding Bitcoin as long as the user in question follows

its more about the wording implications vs banks . rather than sounding like advice

maybe wording it "unlike banks. you're in full control, backup your keys, bitcoin doesnt do bailouts"

[Obari]

in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds

now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks

Please don’t get me wrong as I wasn’t really implying things that way but I was rather curious as to the qoute I saw earlier and even had to take a screenshot of the post because over the time, I’ve read of cases where people had bitcoin mined on some old laptops but for some reasons couldn’t get any more access to their coins or so and I was only imagining if it was to be a bank, you’ll simply walk into the bank and get verified then get back access to your funds and I was wanting to know if there are possible ways to get access to one’s funds as I’ve always known the slogan “NOT YOUR KEY, NOT YOUR COINS” which means no keys, no coins.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Yes, the recommendation is, backup your seed phrase (+ passphrase if included). Many people lost their seed phrase or private key backup in the past because they thought bitcoin price would never increased like this. The price increased and they were looking for a way to access their coins when it has been too late when peanut money become huge amount of money.

No one is actually to be blamed in this case because even most of us never knew bitcoin could rise to this else we would have bought as much as we could when the price were cheaper and for those who at some points had it when it was nothing and then finally came back to see it becoming something without having access to it don’t you think they might be heart broken?

[nelson4lov]

There is no inherent risks with safeguarding Bitcoin as long as the user in question follows

its more about the wording implications vs banks . rather than sounding like advice

maybe wording it "unlike banks your in full control, backup your keys, bitcoin doesnt do bailouts"

Thanks for the heads up. Previous post was saved by mistake and completed now. The fact that OP was making it seem like users handling keys carelessly and losing access to their Bitcoins is a cause for concern when it really isn't.

[n00ber]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Nothing is perfect, everything has pros and cons. Bitcoin gives you full control, helping you proactively use your assets without the help of any third party. So the safety of your property depends entirely on you. If in case you lose access to your wallet, it is your fault, not bitcoin's. As for the bank, even if it's not your fault, your assets can still be confiscated or frozen for no reason. Choosing bitcoin or a bank is up to you. If you don't trust yourself but trust others, you should choose a bank.

[panganib999]

Well, certainly. I'd call it a disadvantage. I'd even make the whole situation bitter and drive the fact that unlike traditional banking, if you get hacked or scammed in crypto you're pretty much bound to destination fucked. You're not getting your money back and your wallet's at risk of getting attacked in the future. The lack of a central government controlling and regulating the intake and outpour of transactions in the bitcoin network is a double-edged sword per se. It's just that at the advent of a more privacy-particular crowd, everyone would highlight the fact that crypto's decentralized and secure over the fact that it practically leaves you for dead when you get forked over by someone from the other side of the planet.

[mk4]

It can be a problem, but this shouldn't really be a problem; it's just the fact that people are too reliant on account recoveries. But regardless, I think it still doesn't justify leaving most of your wealth with banks. In the end, the advantages and disadvantages of bitcoin and banks are totally subjective.

[boyptc]

A disadvantage if you don't keep your keys and won't make a back up. It's like that it's the form that we need to keep for ourselves as we fill in those information upon signing up.

There's always the message that we get for us to keep it whenever we're making our Bitcoin wallets. It teaches us things like being responsible to our own assets as we keep it as no one is going to do that for us.

[Kemarit]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.

Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Oh well, there will always be a trade off, no matter what kind of investments you have, either stocks or gold. So it will be the same on Bitcoin, but I wouldn't say it's a disadvantage, it's more on you should learn how to protect your own assets because who wouldn't, that is yours and obviously no one should take it away from you. But if you didn't take security very seriously, then it's your downfall.

We have a lot of methods already on how to keep Bitcoin safe, and it's also all over the forum. It's just a matter on whether you will execute them, I mean if you have like 1 BTC in your wallet, then you should also increased your awareness on how to protect it and also be private and not tell anyone about how much you have. There are also criminals in real world that are targeting Bitcoin holders.

[goldkingcoiner]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

No, banks are even worse. Ask Venezuelans how they are enjoying their banking crisis. Imagine not being able to withdraw money while the money in your account is losing value. Ha. Please. Either trust the government or trust yourself.

in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds

now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks

It's just the human mistake of favoring something you already know and are deeply familiar with, no matter even if the facts say the new thing is much better …

So yeah, banks are probably going to stay around for a while, I bet. Banks are not going out of business, as long as the older generation exists. Hopefully they will be a smart part of our world. I would rather see Bitcoin on top.

[Zoomic]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.

That is not a free signature space. There is Rollbit signature in that space. It is rather forum advertisement space.

I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Even with BTC volatility that makes people profit from bitcoin and despite the decentralized nature of bitcoin, some persons still prefer to save with the government highly centralised banks.
This does not mean that Bank is safer than BTC or is the safest means of saving. It is because of their ignorance and no one has been able to unlearn them what the centralised society taught them.

Some people are so lazy such that they would want to employ someone to be brushing their teeth. They have auditors, accountants, financial advisors and lawyers. They do not want to control their money themselves. To such people, bank is the best for them.

There's no technology without a disadvantage. But for BTC, the pros heavily outweighs the cons.

[AmoreJaz]

in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds

now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks

It's just the human mistake of favoring something you already know and are deeply familiar with, no matter even if the facts say the new thing is much better...

So yeah, banks are probably going to stay around for a while, I bet.  Banks are not going out of business as long as the older generation exists. Hopefully they will be a smart part of our world. I would rather see Bitcoin on top.

and that's the reason why a lot are still trusting the use of traditional banking system because of this aspect. however, if you are confident enough on this market, you will make sure you know what you are doing every step of the way
we can't blame those people who are sticking to their traditional ways because they have their reasons.

[Kuntus]

There are so many disadvantages of Bitcoin guess we can mention a few. Let's begin with Price Volatility: Bitcoin's value can be highly volatile, leading to uncertainty and risk for investors.

• Irreversibility of Transactions: Once a Bitcoin transaction is confirmed, it is generally irreversible, which can be a drawback in cases of error or fraud.

• Security Concerns: Although the blockchain is considered secure, individual wallets and exchanges may be susceptible to compromise due to access given by custodian wallet users to third-party users.
 We can go on and about its disadvantages but still Despite the disadvantages given which of course also has their advantage/s Bitcoin has served investors better than our traditional banks providing us with a decentralized system where we make our own decisions to execute transactions without third parties or other institutions.

[hatshepsut93]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

For some people it is, especially those that are bad with technology or bad at keeping order. But I would say volatility is the #1 reason why Bitcoin fails to achieve wide adoption as a payment method, people don't want to hold a currency that can lose its value suddenly. It's similar for a store of value use - people don't want to invest in something that is not guaranteed to grow.

[philipma1957]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Not at all. Many people simply stack 1 address in a cold wallet just in case they need to leave the place they are in. If done proper it means you have escape money.

Think if you fled the Ukraine you are not broke you have a wallet with btc in it. Plus you can send btc back to people in the Ukraine.

[serjent05]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I do not see this as a disadvantage of Bitcoin against the local bank.  Remember we are the ones keeping our own coins, it would be absurd if we blame our irresponsibility on others and make them reimburse it because of our mistakes.

What I get from this is that Bitcoin teaches us to be responsible and I never see this as a disadvantage.

[JunaidAzizi]

Was going through some posts on the forum when I came across this writing in a free signature space that writes “Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC”.

This will not only your question a lot of other members also think the same so let's clear this confusion. This is a warning for all those people who have bitcoins. We all know Bitcoin is very precious and has a high price. Looking at it security of the Bitcoin and the holder they give a reminder every time that if you lose your wallet address or wallet no one will ever recover your wallet and a lot of bitcoin will be wasted. This is not the disadvantage of Bitcoin but rather it is an advantage for keeping your security and saving you from thieves, hackers, or any other persons who want your bitcoins. if someone feels it disadvantage he just looks to those people whose bitcoin was stolen from an exchange or being kidnapped. If you realise this then you will never feel that this is the disadvantage of bitcoin.

[examplens]

Each option has its advantages and it is not possible to create a perfect currency, right? Probably the biggest advantage of the FIAT (and disadvantage of Bitcoin) method is the offline method.
The advantage of Bitcoin by cheap transactions seems to be starting to lose its importance with the arrival of these BRC tokens.

[Nwada001]

I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Both a bitcoin wallet and a bank account are at risk if the owner of the account is not careful enough. Anyone who is careless can lose access to their funds, irrespective of where the money is. In a centralised system, which is the banking sector, if I have money in my account and I'm careless with either my credit or debit card details and it gets into the wrong hands, and the person who has access to it is smart enough to know how to move out funds from my account, and he succeeds in doing that, does my money being in a bank account make it immune from being stolen because of my carelessness?
 
If I also have a bitcoin wallet, a self-custodial wallet, and I'm the only one in total control of my holdings, but it happens that I was careless with my phrase and someone got their hands on it, and I later discovered that my bitcoin wallet has been emptied, will I have to blame the bitcoin network or should I blame my carelessness?
 
Anyone who loses access to their account details can go straight to the bank and file a complaint, in which they could request some sort of detail and later rectify the issue after some stress, and you will get your money back. If anyone needs such a service and still wants to remain in the old traditional ways but still wants to get involved in bitcoin, they can always make use of a centralised exchange. They don't have to be afraid of the risk since they are all good with the banking sector. Give them control of your holdings if you are too lazy to protect yourself, and whatever comes after you bears the detriment. It's as simple as that.
 
What ever has an advantage surely will have a disadvantage. Bitcoin is not all that perfect in the eyes and view of many; what matters is how someone who knows its value uses it and the ways you choose to make use of it. Whatever purpose you want to use it for, it all depends on you, and it's their job to serve you right.

[Darker45]

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

Now, it's up to everybody to choose. However, this is just one facet of the story. The list of pros and cons of both banks and Bitcoin is quite long. In totality, however, Bitcoin is a world better than banks.

[dzungmobile]

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

Banks are not safest but they are safer than alternate cryptocurrencies aka. altcoins include stable coins. Audits from banks can be faked and they can be bankrupted too but banks have no Mint function to use like developers who create altcoins and stable coins.

Commercial bank industry at least have more laws and stricter regulations than cryptocurrencies and stable coins. They are safer than those alt cryptocurrencies but of course can not compare to Bitcoin. Your money stores in banks won't be safe if those banks collapse and your bank transfers can be reverted by banks too.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

With Bitcoin blockchain, its strong and decentralized network, there is no way to attack Bitcoin network, there is no reversed transactions on Bitcoin blockchain.

With open source non custodial wallets, if you create your wallet properly, you are safe with your bitcoin. No one can seize your bitcoin, freeze your Bitcoin wallet, it's very big different than money in banks.

Now, it's up to everybody to choose. However, this is just one facet of the story. The list of pros and cons of both banks and Bitcoin is quite long. In totality, however, Bitcoin is a world better than banks.

It's up to each person to make a choice, just remember.

Not your keys, not your money/ bitcoins.

[target]

This is probably because banks in the coming days are going to accept BTC in the user's account and those who believe banks are better, will be doomed. Banks today are failing and FDIC will give back $250.000 only while BTC will be more than that amount in the future. 

So this advert tells banks they are safer and is only for those who are not aware of what they have done before. If they can freeze funds today for whatever reason like political views, they can also do it when they already have your BTC. BTC in the bank means you don't hold your keys.

[philipma1957]

This is probably because banks in the coming days are going to accept BTC in the user's account and those who believe banks are better, will be doomed. Banks today are failing and FDIC will give back $250.000 only while BTC will be more than that amount in the future. 

So this advert tells banks they are safer and is only for those who are not aware of what they have done before. If they can freeze funds today for whatever reason like political views, they can also do it when they already have your BTC. BTC in the bank means you don't hold your keys.

Look cash is not going to vanish overnight. So a  bank with cash and btc is kind of already in place

its coinbase.

the cash in it is fdic so it is essentially a bank.

[NeilLostBitCoin]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It is important for Bitcoin holders to understand that the Bitcoin system is not at fault if they lose access to their Bitcoin wallet. Instead, the responsibility rests solely with the owner of the Bitcoins. It is crucial to take all necessary precautions to safeguard access to Bitcoins, such as storing them in a secure wallet and keeping private keys safe. While it is true that losing access to Bitcoins can be a frustrating experience, it is not a disadvantage to Bitcoin.

[Smack That Ace]

Was going through some posts on the forum when I came across this writing in a free signature space that writes “Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC”.

This will not only your question a lot of other members also think the same so let's clear this confusion. This is a warning for all those people who have bitcoins. We all know Bitcoin is very precious and has a high price. Looking at it security of the Bitcoin and the holder they give a reminder every time that if you lose your wallet address or wallet no one will ever recover your wallet and a lot of bitcoin will be wasted. This is not the disadvantage of Bitcoin but rather it is an advantage for keeping your security and saving you from thieves, hackers, or any other persons who want your bitcoins. if someone feels it disadvantage he just looks to those people whose bitcoin was stolen from an exchange or being kidnapped. If you realise this then you will never feel that this is the disadvantage of bitcoin.

It is no surprise that people still trust banks more than they trust them because banks exist and we have been dependent on them for hundreds of years. It can be said that it has become a culture, a habit that is difficult for people to change quickly. Freedom, decentralization, privacy have only been mentioned a lot since bitcoin appeared and only 15 years have passed. Therefore, it will take time for people to completely change their habit of depending on banks.

Moreover, nothing is 100% perfect, if they don't fit that characteristic then it's a disadvantage for them but for those who like that characteristic it's an advantage, we can't force everyone who thinks like us.

[bayu7adi]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Just try to independently secure your assets ...it's not a scary idea for me, considering I've experienced losing a chunk of my crypto assets in a wallet I secured on my own. The amount was quite big, but I didn't drown in sorrow. I recognized the risks, so I let go of those coins without considering it a fatal mistake...it's just part of my journey, nothing more.

Instead of parking money in banking platforms that end up using our funds for their own gains without giving us significant benefits, it's better to stash it independently in the form of BTC, which I trust as a hedge asset. Totally, everyone's got their own take on this, and personally, I'm all about having full control. Start small, like with our own assets. At least, it'll make a difference in gauging our ability to keep things in check.

Moreover, there are plenty of folks in this forum sharing tutorials on securing our wallets. Here's a link you can check out to learn how to secure your Bitcoin wallet, including encryption:
https://bitcointalk.org/index.php?topic=5130103.0

[Darker45]

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

Banks are not safest but they are safer than alternate cryptocurrencies aka. altcoins include stable coins. Audits from banks can be faked and they can be bankrupted too but banks have no Mint function to use like developers who create altcoins and stable coins.

Commercial bank industry at least have more laws and stricter regulations than cryptocurrencies and stable coins. They are safer than those alt cryptocurrencies but of course can not compare to Bitcoin. Your money stores in banks won't be safe if those banks collapse and your bank transfers can be reverted by banks too.

If we break this down further, it would be on a case-to-case basis. For example, keeping your money in ETH or USDT-- which are altcoins-- in a cold storage would have been much safer than keeping it in Lebanese pound at a bank in Beirut. At least with, say, USDT it is more or less stable and you have access to it. Whereas, not only was Lebanese pound hitting all-time lows in value, you aren't even allowed to withdraw them. At least this was the situation a year or two ago.

Banks may not have that mint function, but they can also create money out of thin air. They do not have that literal money printer, but they can and are allowed by law to issue credits, thus actually creating money, inflating the monetary supply as a result.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

With Bitcoin blockchain, its strong and decentralized network, there is no way to attack Bitcoin network, there is no reversed transactions on Bitcoin blockchain.

With open source non custodial wallets, if you create your wallet properly, you are safe with your bitcoin. No one can seize your bitcoin, freeze your Bitcoin wallet, it's very big different than money in banks.

In the same manner that you could also be $5-wrench-attacked, get hacked, lose your backup, or the access to your wallet, and so on. That's why freedom implies responsibility; full freedom, full responsibility.

Yes, your Bitcoin is recorded in the blockchain and no one can take it from there, but your access to it is fully your responsibility. It is nobody else's. You lose it, it's completely lost.  

[Iranus]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

First of all, if you lose your keys and can't access your wallet, whose fault is it? Bitcoin or you? If it's your fault, you can't say it's a disadvantage of bitcoin. Everything is proportional to each other, bitcoin gives us privacy, gives us full control over our assets, we need to be more responsible with our assets. So I don't think having full control over your assets is a disadvantage.

But each person has a different way of thinking, if you are not confident in yourself, you can ask for help from a third party, such as a bank. But then you won't have privacy or full control over your assets. The choice is yours, you can't ask for something perfect that can give you absolute privacy and security, but you won't spend too much time and effort to protect it.

[Assface16678]

What disadvantage? No! In fact, keys are advantageous. Why? Because accessing a crypto wallet is unique, it can't be easily hacked. Now, from what you see, it only serves as a reminder to backup your keys because many crypto holders tend to forget their keys, which is their own fault. In short, a crypto wallet gave us a unique and secured key that serves as a password, and it's our responsibility to keep it safe or memorize it. You can't blame the wallet just because you forgot your keys; it's your own fault or the wallet holder's fault for forgetting them. Again, keys from wallets are not a disadvantage; they are an advantage that provides a stronger and unique way of accessing your wallet to protect your assets. If someone blames the key because they forgot it, then they are the problem, not the wallet, because a holder should be more responsible with their things.

[bettercrypto]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

When you say this is OP, is this showing that you are also skeptical of Bitcoin? That's what you want to convey here to the forum members. If you have doubts about Bitcoin, there is no problem. Yes, it is true that there is still risk here because it is a volatile asset.

But in spite of all that this is the condition of Bitcoin, it still remains attractive to the majority of investors who have bought it and even to large companies and companies around the world. Why? That is still due to the usage and its decentralized nature, and this is the truth there.

[rodskee]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Not sure if this is disadvantage but one thing I know is that the safer your funds is the harder
 it may taken so i trust and believe this bitcoin feature and will always support that concept .not knowing how to
handle your wallet is your problem and not to blame to anyone of everything.

[Fivestar4everMVP]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It is not, absolutely not, I don't know a thing about the monetary policy of the country you from, but over here, people still lose the money they entrusted the banks, other trusted financial institutions to hold for them, and after back and forth dragging, going to court if the amount involved is huge, the person still end up not getting his lost money back, some do get it back if they are lucky by the court standing up for them, but for those who can not afford or know the process involved in court dealings, they end up losing their money with no means of questioning the bank.

My mother inlaw saved a good amount of money in one of our local banks here, for good five years, she never checked, after five years, she decided to go and withdraw the money since she needed it to sort out urgent matters, behold, when she went to the bank, she was told that her account was empty, she was surprised and asked them how did over $300 worth in our local currency she kept in her account disappear, this happened in 2020 and till today, this bank can not explain to my mother inlaw how her money disappeared from her account, and neither has they refunded her..

Unfortunately for her and fortunate for the bank, she's is not entirely educated, and because of this, she doesn't know how to use the law enforcement to threaten the bank to refund her her money.

So, coming back to bitcoin, the possibility of one losing access to his or her wallet through misplacement of the private key or seed phrase is not entirely a disadvantage, for people can lose their money even in traditional banking institutions.

A disadvantage is something that there is no solution to, here in bitcoin, there is a solution to prevent such from happening, and that is, to learn how to keep your wallet information safe and secure, and where you alone can easily access it, if one adhere to this, he or she may never get experience what it feels like to lose bitcoin out of misplaced private keys or seed phrase.

[bitterguy28]

It is our Obligation to handle our private keys/wallets and this is nothing to do with Bitcoin and how come that our laziness and stupidity becomes Disadvantage of Bitcoin? actually Bitcoin is helping us to be more responsible and more productive in this way for how we are handling and how we are dealing in caring about our keys.

Sorry but i think you are Mature enough to have your own views in this matter and I know for a fact that Bitcoin being super tight in security brings its more attractions to users.

Like what always said "Not your Key , Not your Bitcoin" this same applies here that " Not saving your Key , Lets you Lose your Bitcoin"

so maybe that is enough to learn how we must keep it safer and how to keep it better.

[michellee]

Actually, it is those who lose access to their wallets who will lose out because they cannot take care of their wallets. They will lose their Bitcoins, but if they still keep a record of their private keys or something related to them, they can still access the wallet.

If people still stick to traditional systems, it is because they want to avoid the hassle of losing their money. Their money will remain safe in banks, even government banks. They can ask for their money back if something bad happens because the government provides support to their bank.

Meanwhile, if they keep their Bitcoins in a wallet, they have to look after them themselves. They will be their own bank for the Bitcoin they own. Owning Bitcoin is actually learning to be responsible for our assets. Satoshi Nakamoto taught us to be independent in taking care of our Bitcoins. No one knows how many Bitcoins we have in our cold wallet.

[Ayers]

It is our Obligation to handle our private keys/wallets and this is nothing to do with Bitcoin and how come that our laziness and stupidity becomes Disadvantage of Bitcoin? actually Bitcoin is helping us to be more responsible and more productive in this way for how we are handling and how we are dealing in caring about our keys.

Sorry but i think you are Mature enough to have your own views in this matter and I know for a fact that Bitcoin being super tight in security brings its more attractions to users.

Like what always said "Not your Key , Not your Bitcoin" this same applies here that " Not saving your Key , Lets you Lose your Bitcoin"

so maybe that is enough to learn how we must keep it safer and how to keep it better.

I agree with you, if we lose the private key/seed phrase then it's clearly our fault, why consider it a disadvantage of bitcoin when it gives us the key to our assets? Those who think having full control over their assets is a weakness show that they don't have confidence in themselves and are lazy enough to not want to protect their assets.

We also have to admit that preserving Private Key/seed Phrase is not easy, but one thing is certain: our assets will be safer when they are in the bank. Obviously that's an advantage, but why do many people think it's a disadvantage?

[Despairo]

Don't use non custodial wallet, when someone find your seed phrase or you lost it, you will lose all of your coins.

Don't use custodial wallet, if the project is exit scam or get hacked, you will lose all of your coins.

Don't use decentralized exchange, the liquidity is very low, you will be forced to sell at discount and can't make a lot profit.

Don't use centralized exchange, you will lose your privacy and there's a chance your coins would be frozen.

The point is, you have a freedom to choose by using Bitcoin and I don't care which one you choose.

[jeraldskie11]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I was amazed to know that someone believe that the security features of Bitcoin which is keeping the passphrase is a disadvantage. Honestly, that is one of the advantages of Bitcoin because you don't need to show your identity, besides the safety of your funds, you and your family are also safe. Which banks can't give that. If you invest in a bank, you will provide many documents, it is similar to CEX. As a result, since there's someone know that you have a lot of money, you can't walk around alone anymore without bodyguard.

[Spaceman1000$]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It is a general knowledge in life that anything that has advantage also has a disadvantage, the traditional way of banking has it own disadvantage, where funds of individuals miraculously disappearing without any trace, most times we've had some cases of those nature, even the money save in the bank does not yield any interest, rather they sometimes depreciating because of charges and maintenance fee that the banks deduct.
Of course despite bitcoin volatility, over time you will see your investment yielding profits, it is always advisable that as an investor in Bitcoin you should have your seed phrase always kept somewhere as a secret, so whenever you lose it you can always go ahead to check on it, so you won't lose your investment.

[blckhawk]

With the constant reminder of many bitcoin users, I am sure that there's no way that we will ever forget about having back ups on our wallets too many stories of lost bitcoins due to forgetting their wallet's password to having their funds stolen because they stored it in a custodial wallet and with all of those stuff, I don't think that people are forgetting to have back ups for their wallet. I don't even know why people that don't have their own wallets are still using bitcoin, having your own wallet is like part of the experience of using bitcoin so don't waste that experience.

[EarnOnVictor]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Of course, we can't call that an advantage, it's advantageous but everyone should understand the risk before taking it, especially when it's self-custody. This could be guarded against and Bitcoin will not steal your money, it's you who is careless about it if lost. There's also an alternative for careless people, they can simply use the custodial wallet, the alternative that harbours the risk of ownership.

Besides, the worst of the disadvantage is when someone dies and his crypto assets got lost with him.

[Obari]

There is no inherent risks with safeguarding Bitcoin as long as the user in question follows

its more about the wording implications vs banks . rather than sounding like advice

maybe wording it "unlike banks your in full control, backup your keys, bitcoin doesnt do bailouts"

Thanks for the heads up. Previous post was saved by mistake and completed now. The fact that OP was making it seem like users handling keys carelessly and losing access to their Bitcoins is a cause for concern when it really isn't.

Maybe it’s not a cause for concern to you but it think it ought to be a cause for concern and I also understand the fact that misplacement of key is a careless act that shouldn’t be considered especially for those that already know the implications of misplacing keys but what about the early adopters who never knew bitcoin would rise to this very height and couldn’t get anymore access to their funds and I think outside backing up your seed phrase or writing it down, I think getting other options of getting access to one’s funds in times like this wouldn’t be a bad idea.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Besides, the worst of the disadvantage is when someone dies and his crypto assets got lost with him.

Exactly, no one plans to die young or premature, so what if in cases where one dies let’s say in an accident and never disclosed his seedphrase to his family which simply means the holder dies with all his holdings and it wouldn’t be a bad idea if there are other possible ways to get access to the funds.

[Hatchy]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Bitcoin has proven in so many ways to be much better than the local banking system, but sometimes we shouldn't neglect the fact that it still have its own disadvantages. the banking system had existed far long even before Bitcoin or the Blockchain was invented. the early men had deviced various ways to store their money and at that time, storing money in commercial banks was considered the best method. sooner or later, men noticed that the banks no longer favored them since they were only after the interest they make from loaning out peoples savings and not giving back interest to the owners of the funds.

with the invention of Bitcoin, you can now chose to be your own bank holding the access to your funds. the idea is to keep your keys safe and in a place where you can access them if needed.

banks having access to your funds might be the biggest mistake you've made so far. they make profits of your savings, or defraud you of your money. so you should choose a smarter way to store your funds. a lot of persons loosing their Bitcoin might be out of ignorance, forgetting the fact that your keys is the most vital aspect of your Bitcoin holding.

[Nrcewker]

If someone loses the coin due to the wallet, then it’s completely his fault. Why Bitcoins are be made responsible here? You as a Bitcoin investor, your huge responsibility is to choose the best wallet and make sure you keep the wallet id, seed etc safe. So if you lose the private keys then it only shows you are irresponsible. The people who think this as an disadvantage, don’t deserve to own Bitcoins. This is just a lame excuse to transfer the fault on Bitcoin’s head.

[EluguHcman]

I must say that the above mentioned investors in Bitcoin wasn't just all that but also the enjoyment of the coins decentralization.
However, the stated disadvantage of Bitcoin is not worth alarming at when compared to the fiats.
Think about how the potentiality of Bitcoin beats global inflations but the fiats are answerable to the global inflations.
However, if considering loosing ones private keys to its Bitcoin wallet access as a disadvantage, then it is proportional to fiat bank account holder looses its private details such as mismatched signature and inability to provide personal documents for verifications and identifications as security access.
Else one is denied every trial from its own bank account just as a Bitcoinare unable to provide or identify its security keys. Though, that of fiat is minimal to Bitcoin otherwise this alone does give the fiats more advantages to Bitcoin in the societies of financial exchanges.

[Zlantann]

Both a bitcoin wallet and a bank account are at risk if the owner of the account is not careful enough. Anyone who is careless can lose access to their funds, irrespective of where the money is. In a centralised system, which is the banking sector, if I have money in my account and I'm careless with either my credit or debit card details and it gets into the wrong hands, and the person who has access to it is smart enough to know how to move out funds from my account, and he succeeds in doing that, does my money being in a bank account make it immune from being stolen because of my carelessness?

Both Bitcoin wallets and bank accounts need adequate security because any mistake could lead to loss of funds. OP is not concerned about losing your funds to hackers or scammers but his focus is not having access to your wallet because of loss of password or seed phrase. He is more concerned with having an option to retrieve passwords which conventional banks offer.

I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Just as you have the option of keeping your money in a home safe with a password and bearing all the risk of keeping and protecting it or keeping it with a bank where someone will take care of it on your behalf, this is how the Bitcoin space is. You can decide to be your bank and take care of your funds or keep it in a centralized platform where you have the option of getting back your money even if you lose access to it. But we should also take note that our choices have consequences. But it is better to have control of your funds because history has taught us that third parties are not trustworthy.

[Marvelman]

I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

I get that you're not totally on board with Bitcoin yet, Obari.  And hey, I don't blame you.  The banks we've got now seem pretty safe for keeping your cash, right? But if you look closer youll see the system is far from perfect.  There's risks we just accept as normal.  Bitcoin's about fixing those and  its about freedom from all the control and restrictions regular banks have over our money.  Sure, Bitcoin's decentralized - a straight-up revolution.  But revolutions happen for a reason.  Maybe you should open your mind to why this one's happening.  The old system's got flaws.  Bitcoin aims to fix em.  Look into it some more.  You might just get it.

[icalical]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

To be honest for me I don't think it's even a disadvantages, I believe either people who has good amount of funds that is worth extra backup of their private key, and they store it ultra securely, or people who only save small amount of bitcoin that even if they lost access to the wallet. On the other if someone could help us get into our account when we lost the access, it also mean that those people might also be able to give access to stranger who never actually has access to our fund, even the slightest chance it's still a risk.

[Greg Tonoski]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

The same disadvantage with your car (or a key to it), real estate (or a key), banknotes, jewelry, digital signatures/authorizations etc. You could either keep them safe yourself or entrust them to somebody else (e.g. banks).

If anybody thinks that they can't trust themselves enough then they may be correct and trusting a stranger (a bank) is not a solution.

[NewRanger]

Cryptocurrencies are becoming increasingly popular and transactions are increasingly becoming digital. Btw, keeping our password secure is also very important if it doesn't result in losing all the bitcoin money you have.

It has a definite influence, If users actively exchange their currency for bitcoin if I see that's probably where it's headed. If not, I think this will have no impact or be detrimental to the bank. The bank only needs customer funds to enter their institution, even if only for 1 minute as a report that there is a round of money entering their institution and it is recorded.

[fuguebtc]

Both a bitcoin wallet and a bank account are at risk if the owner of the account is not careful enough. Anyone who is careless can lose access to their funds, irrespective of where the money is. In a centralised system, which is the banking sector, if I have money in my account and I'm careless with either my credit or debit card details and it gets into the wrong hands, and the person who has access to it is smart enough to know how to move out funds from my account, and he succeeds in doing that, does my money being in a bank account make it immune from being stolen because of my carelessness?

Both Bitcoin wallets and bank accounts need adequate security because any mistake could lead to loss of funds. OP is not concerned about losing your funds to hackers or scammers but his focus is not having access to your wallet because of loss of password or seed phrase. He is more concerned with having an option to retrieve passwords which conventional banks offer.

As I understand it, what Nwada001 wants to say is, if we are careful in everything from backing up passwords as well as securing bank accounts and bitcoin wallets. It is very unlikely that we will forget our password or lose access. Like me , I know that forgetting my password will make me spend a lot of time going to the bank to ask them to reissue a new password. So I'm always careful with those important data and never forget it. Likewise, we all know that if we lose the seed phrase, we will lose all our bitcoins. We are aware of its importance, I don't think anyone would be so negligent as to lose or forget it. We should be responsible for ourselves instead of relying on others when it is our property.

[ImThour]

It's a fact, you lose your coins when you lose your wallet access. Isn't that an advantage? No one can access your account even you if you lose your secret key.
You be your own bank with Bitcoin and it comes with some drawbacks too, try considering it as a positive. I feel like it's an advantage over Banks in general with Bitcoin.

[Timbulance]

Only disadvantage is having less BTC

[Queentoshi]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks?

Bottom line, every investor in bitcoins should know the risk involved and also the risk with self-custody. Asides the threat and chances of getting your bitcoins taken by scammers and thieves online, it can also be lost to a silly mistake you can just make. There is no care number you can call if you lose your bitcoins, and in examples where you lose access to your wallet, or send to a wrong address, your attempt to try to get it back, and you thinking you are getting help from well-meaning people will only get you scammed more. It will be painful to lose bitcoins to scammers, it will be more painful to lose it to your own mistakes.

[karabiber]

Well, certainly. I'd call it a disadvantage. I'd even make the whole situation bitter and drive the fact that unlike traditional banking, if you get hacked or scammed in crypto you're pretty much bound to destination fucked. You're not getting your money back and your wallet's at risk of getting attacked in the future. The lack of a central government controlling and regulating the intake and outpour of transactions in the bitcoin network is a double-edged sword per se. It's just that at the advent of a more privacy-particular crowd, everyone would highlight the fact that crypto's decentralized and secure over the fact that it practically leaves you for dead when you get forked over by someone from the other side of the planet.

I think this is never a disadvantage for Bitcoin. A key advantage of blockchain technology and cryptocurrencies is that it is really hard to hack or manipulate the decentralized, secure peer to peer network. Not having access to your Private Key is your responsibility and you can't blame Bitcoin for that. If you lose your identity, you can't do banking transactions either. It's the same thing. Keeping an asset safe should be your responsibility, except in the case of natural disasters. For this reason alone, it is wrong to position Bitcoin at a disadvantage compared to the banking system. If you diversify your hedges against risks, you won't need a bank and you can understand Bitcoin better. Finally, the most obvious threats to security issues do not come from blockchain technology or cryptocurrencies like Bitcoin, but from the places where we transact with them.

[mv1986]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I can only agree with Andreas Antonopoulos on this as he once answered a question about the lack of options to recover lost coins and his answer was that this is not a bug or a weakness, but a feature within the Bitcoin protocol. You can still choose to store your Bitcoin in a locker in a financial institution or choose a bank that obtained the license to offer custodial services for Bitcoin, but this remains your free choice. Those who deliberately maximize the utility of Bitcoin's decentralized nature either do it because they are lazy and then might not have put their own recovery tools in place and lose their Bitcoin wealth in case of an emergency, or they are not lazy and take control over their Bitcoin wealth to unprecedented levels. Nobody can touch it ever, which obviously implies that nobody should be able to recover coins except for yourself and those who you chose to be in that position, too.

[acroman08]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

[nelson4lov]

~Snipped

~Snipped

~Snipped

Maybe it’s not a cause for concern to you but it think it ought to be a cause for concern and I also understand the fact that misplacement of key is a careless act that shouldn’t be considered especially for those that already know the implications of misplacing keys but what about the early adopters who never knew bitcoin would rise to this very height and couldn’t get anymore access to their funds and I think outside backing up your seed phrase or writing it down, I think getting other options of getting access to one’s funds in times like this wouldn’t be a bad idea.

I'm aware of the points you're trying to drive home but cryptography and the concept of keys is one of the primitives of Blockchain and crypto. Right now, the only way we can correctly identify users is via transactions and messages signed by their keys. If other ways are introduced like email, password, etc recovery then it introduces more risks to that wallet/account.

Off-topic but ethereum is currently creating a solution for this called account abstraction. I haven't actually tested it myself.

[Dr.Bitcoin_Strange]

OP, what I know is that the traditional banking system has its own disadvantages, and despite the fact that our money might be safe in the bank, there are still some hackers that can penetrate an individual's account and use the person's money to purchase something online. Bitcoin might have those things you think are disadvantages, but that is how other systems have them too. Bitcoiners and some newbies should always know that their Bitcoin wallet is like their bag where their treasure is, so they must learn to take every necessary precaution that helps to protect their asset from being stolen or that will not lead to the loss of their secret phrase.

[ajiz138]

Traditional banks are still widely believed to be a safe place to keep money because this has become a habit of the community as well as with government guarantees even though I said banks are not a safe place but they do not realize that their money can be held by the bank so that is one of its weaknesses.

There is also bitcoin then it is financial freedom, you can store your own assets as if you consider yourself a bank because you have a key whenever you can access the wallet this is the advantage of decentralization even though you say that bitcoin has its volatility.

Whenever security is most important, private keys must be kept safe, of course copies must also exist, but this is one of the uniqueness of bitcoin that many people like it.

[Wakate]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

I don't really know what op means by disadvantages of Bitcoin when he doesn't even know how the whole thing works. I am mostly surprised seeing people just writing whatsoever they like a out Bitcoin without critical thinking. For us to make profits from the market if we are true fan of Bitcoin, we need to invest in Bitcoin and promote it by all means nit coming here to write what we like without understanding much about what's Bitcoin stands for. I think op should go and read the Bitcoin white paper for clarification rather than trying to tell us about the disadvantage of Bitcoin.

[electronicash]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

I don't really know what op means by disadvantages of Bitcoin when he doesn't even know how the whole thing works. I am mostly surprised seeing people just writing whatsoever they like a out Bitcoin without critical thinking. For us to make profits from the market if we are true fan of Bitcoin, we need to invest in Bitcoin and promote it by all means nit coming here to write what we like without understanding much about what's Bitcoin stands for. I think op should go and read the Bitcoin white paper for clarification rather than trying to tell us about the disadvantage of Bitcoin.

that's not what OP was saying. he was even trying to question what those ads are doing trying to tell the Bitcoin community of the minor disadvantage when in fact it is a feature of BTC.  the question should have been, will this disadvantage be enough for a Bitcoin holder to decide to deposit his BTC to a bank?

i think he understands Bitcoin well and for that, it is a rhetorical question. everyone knows BTC wallet is already a bank itself.
but just for the next question. come to think of it. a bitcoin holder will die and he needs to pass on his coins to his sons and daughters, will he need a bank?

[Youngkhngdiddy]

OP, what I know is that the traditional banking system has its own disadvantages, and despite the fact that our money might be safe in the bank, there are still some hackers that can penetrate an individual's account and use the person's money to purchase something online. Bitcoin might have those things you think are disadvantages, but that is how other systems have them too. Bitcoiners and some newbies should always know that their Bitcoin wallet is like their bag where their treasure is, so they must learn to take every necessary precaution that helps to protect their asset from being stolen or that will not lead to the loss of their secret phrase.

   Fact is many people are still unaware of digital currencies and Bitcoin. People need to be educated about Bitcoin to be able to apply it to their lives. Networking is a must to spread the word on Bitcoin. Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies. The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
   Due to the fact that Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud. With Bitcoin, merchants are able to do business where crime rates and fraud rates may be high. This is because it is very hard to cheat or con anyone in Bitcoin due to the public ledger, otherwise known as the block chain. There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad thoroughly before finalizing your choice. Do the same for Bitcoin. Understand what it is, and decide what you want to do with it.

[ChiBitCTy]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I think in a way you're comparing a bit of an apples and oranges situation.  First off, it's not necessarily true that once you send money out it's lost..there are ways of recovering wallets ( in rare circumstances ).

However "with great power, comes great responsibility".  Meaning you've got a decentralized asset that has many advantages over traditional fiat money /banks...but you're of course having to take on a bit more responsibility which I don't think is necessarily a bad thing.  Teaches people the value of being safe/secure...properly backing things up etc.

[Crypto Library]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I think this is the most strength side of of Bitcoin not a disadvantage. I believe in it that "not your keys not your fund" or what ever you say. In that case, if you are talking about banking system or any centralized changer, the password you have there is not only a means to control your account.  Due to being centralized, your account may be frozen or any other trouble by the bank or any centralized exchange at any time. Moreover, there are many news that many banks have properly deposited money from their users but due to bank bankruptcy, those users have lost their funds. I have some of my own relatives who have deposited money in banks with the lure of slightly higher APR, and then gone bankrupt.
So after considering all this only one thing comes to my mind that there is nothing good about decentralized system where only I own my funds, here the key is mine and my funds are mine. But if we can't use this system properly due to ignorance, I mean we can't keep those keys properly safe, it's totally our fault. So It makes no sense to call it a disadvantage.

[Ojima-ojo]

For all the while u have never seen the disadvantages of Bitcoin as ling as you have theborior information about the asset before holding because i dont see where freedom have become a disadvantage before,  so for that am sure that Bitcoin is properly handled can lead to the most secured free and decentralized personal bank that is free of tax unless at the point of payment for goods via the value added tax.


But anything outside that, will amount to a total personal responsibility and risk taking, so Bitcoin cant be compared to the bank because banks are third-party government-controlled centralized financial institutions, while Bitcoin is a self-custodial bank so no one will protect your wallet except you and the way you handle your Bitcoin is your soul responsibility.


So there is no way to compare the whole or total or call in any form of disadvantages to Bitcoin viayourr loss of access which is your sole responsibility.

[South Park]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

From the beginning most of us have said that bitcoin is not really for everyone, and if people cannot deal with being their own banks then there is no shame on using traditional banks as that is the main reason why they were created on the first place centuries ago, however it is true there are many people that thought they could deal with it and they are realizing this is not the case by losing their coins, but there is nothing we can do about it except to keep reminding people about securing their coins over and over again.

[Rengga Jati]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It cannot be denied that this is a fairly high risk, not only for Bitcoin but also for altcoins. In this case, we actually really need to be careful and precise in storing and securing our important data. Actually, not only Bitcoin, banks and others also certainly have their own risks.

However, regarding our keys to accessing Bitcoin, this is something that we must pay close attention to and carefully. This is not only related to where we store it, we should store it in a hardware wallet. And what's more, it is also related to privacy so that our assets can be better protected. There are several people who like to update their status or inform about their various assets on their social media. This is very sad, because this can actually be dangerous.

On the other hand, sometimes there are also many scammers who use various tricks to gain access or our important data in ways that are sometimes normal or that we are not aware of. For this reason, we must be careful in selecting and sorting the information that comes to us, links sent to our email, and various other ways that might endanger our assets. Bitcoin is a very valuable digital asset, because we also have to be able to optimally make it as safe as possible. Losing access to our wallet and not having a backup at all is a disaster for us. So, we really need to be very careful and safe when storing it.

[Z-tight]

and that is why it is always advisable to back up wallet address regularly.

You don't have to back up your wallet address, what you should make backups of is your seed phrase, with your seed phrase you can restore all your keys and addresses, so back up your seed phrase in more than one location.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

If you lose your keys or seed phrase, you are going to lose your funds. This isn't a disadvantage of BTC, back up your seed phrase and do not expose it, your keys is what ensures you are in control of the funds and you can spend it whenever you want.

[Renampun]

...

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

In my opinion, the system that Bitcoin wallets have is the best, just like the physical wallet that you have, if you lose it it will be difficult to find it again, the sentence "make sure you back up your wallet" is actually quite clear in explaining that you are Sir for the money you have, don't carelessly save the passwords and private keys you have. If you are lazy about storing your Bitcoin wallet's private key in a hardware or software wallet, then save it as a paper wallet and then store it in a safe that is not accessible to thieves and hackers.

[sheenshane]

So there is no way to compare the whole or total or call in any form of disadvantages to Bitcoin viayourr loss of access which is your sole responsibility.

I tend to agree with the bolded part above.
That is why from the start, we should weigh the disadvantages and advantages of Bitcoin and once we're aware of it accept whatever consequences will happen in the future.

Everything has disadvantages, even putting your money in the bank and thinking it's safer than having Bitcoin.  But no, the disadvantage would still be there.  Right, it's your responsibility to protect them, and don't rely upon any third party like the bank if you want to have full control your of your money.

[Onyeeze]

The only way I understand that you can lose your bitcoin is when you don't understand how to secure your wallet for you to secure your wallet you have to understand one or things here, so therefore bitcoin investment is something you suppose to know that all accessibility is dependable on what you have or achieved in bitcoin, so I believe that investment is an investment and you losing your bitcoin in your wallet is an result exposing your wallet seed phrase because its a seed phrase exposure will make people to enters into our wallet

[Z-tight]

don't carelessly save the passwords and private keys you have.

Your wallet password only encrypts your wallet file locally, it is good to set a strong password so as to slow down or stop a physical attacker from having access to your wallet. But take note that with your seed phrase an attacker can import your wallet in their own device and spend the funds, without needing your seed phrase.

If you are lazy about storing your Bitcoin wallet's private key in a hardware or software wallet, then save it as a paper wallet and then store it in a safe that is not accessible to thieves and hackers.

Your wallet stores your wallets secrets locally, what you have to do is make a back up of your seed phrase on paper and keep it in different locations, it is easy to do and everything must be done in a safe enviroment.

[rat03gopoh]

This is not a disadvantage, it is a risk in a choice. Because if you never lose access to your wallet, then you won't experience that disadvantage. The disadvantages should be something you have experienced since you made that decision.

[Tony116]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

Nothing is perfect, so we cannot claim bitcoin to be 100% perfect. For me, I don't see it as a disadvantage because that is the nature of decentralization, if we want full control over our assets then we have to do everything ourselves. If we expected bitcoin to have a password or seed phrase recovery function then it would no longer be decentralized. This is the characteristic of decentralization and the difference between decentralization and centralization. We need to accept it, get used to it and have the safest storage options for ourselves.

[Synchronice]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

This is a favorite quote from well-known movie called Spider-Man: With great power there must also come great responsibility. Bitcoin gives you that great power, to be your own bank with the ability to send or receive bitcoin without relying on 3rd parties while improving your privacy compared to traditional payment systems and with proper methods you are able to significantly improve your privacy. It's not a disadvantage of bitcoin that people aren't able to carry responsibility on their shoulders.

in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds

now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks

That's so damn right, people have double standards. At first they were afraid of banks controlling their money, then there we got Bitcoin but people are afraid, no, I would say, they are incapable to be responsibly of being their own bank. Banks are responsible and they use that responsibility as an advantage to control people's money.

[CryptopreneurBrainboss]

I’m not trying to doubt in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

How's it the safest when our money can go missing and we don't have anything to do with that, atleast if our money get missing in Bitcoin is because of our fault but the banks gets hacked/bankrupt without we having anything to do with it and they won't reimburse us. The image you shared is only remembering us that we're our own banks with Bitcoin unlike the traditional banks that are centralized and our fund can be frozen without our consent. Bitcoin puts the power of control in your hands so you're to protect your funds very well. If you do things rightly you won't be in the situation that the image is talking about. Don't exposed your private key online and keep your Bitcoin in a cold wallet and secure your sensitive information securely and you want have any regrets.

Everything has its disadvantages but don't take the power to be in control of your own finance as a disadvantage. We don't have to be careless and expect the centralized system to save us. I know we're used to others taking responsibility for our well-being but as we want to be in control, we have to leave them and look after our assets ourselves. Always back up your private keys and seed phrase. Also you can go extra miles by not putting all your eggs in one basket. Separate your coins in different wallet so that if you'll need fund frequently, keep it separate from those you'll need to hodl for a longer term, doing this will make sure the wallet is always offline and don't get compromised.

[Blitzboy]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It cannot be denied that this is a fairly high risk, not only for Bitcoin but also for altcoins. In this case, we actually really need to be careful and precise in storing and securing our important data. Actually, not only Bitcoin, banks and others also certainly have their own risks.

However, regarding our keys to accessing Bitcoin, this is something that we must pay close attention to and carefully. This is not only related to where we store it, we should store it in a hardware wallet. And what's more, it is also related to privacy so that our assets can be better protected. There are several people who like to update their status or inform about their various assets on their social media. This is very sad, because this can actually be dangerous.

On the other hand, sometimes there are also many scammers who use various tricks to gain access or our important data in ways that are sometimes normal or that we are not aware of. For this reason, we must be careful in selecting and sorting the information that comes to us, links sent to our email, and various other ways that might endanger our assets. Bitcoin is a very valuable digital asset, because we also have to be able to optimally make it as safe as possible. Losing access to our wallet and not having a backup at all is a disaster for us. So, we really need to be very careful and safe when storing it.

When it comes to digital goods like Bitcoin, security isnt just about technology; its also about how people behave. Sure, hardware wallets are great, but what about our digital footprints? Its ironic, right? We lock our coins away in digital vaults, yet some of us broadcast our wealth on social media. What a strange security situation! And the people who try to steal our information are like digital ninjas - they're always coming up with new ways to get in.

We should take care of our online cleanliness the same way we take care of our physical health. "Check-ups" and maybe even a "digital diet" to help people stop sharing too much. Being careful isnt enough; you also need to be aware. What do you think about backups?  Its like having a savings account for emergencies, but for digital goods. Bitcoin is valuable not only because of its price, but also because of how we treat it and keep it safe.

[wiss19]

OP, what I know is that the traditional banking system has its own disadvantages, and despite the fact that our money might be safe in the bank, there are still some hackers that can penetrate an individual's account and use the person's money to purchase something online. Bitcoin might have those things you think are disadvantages, but that is how other systems have them too. Bitcoiners and some newbies should always know that their Bitcoin wallet is like their bag where their treasure is, so they must learn to take every necessary precaution that helps to protect their asset from being stolen or that will not lead to the loss of their secret phrase.

When we talk about the security of the assets, it's the the place where they are kept which should be questioned if the assets are compromised and not the asset itself. Whether it's a bank, or a wallet, where you money is kept, you should blame the party that is holding those funds for you if they get compromised, so in the case of a bank, it's them who are responsible if your money is stolen, and when it comes to Bitcoin and cryptocurrencies, it's you who is responsible because you are the one who is keeping those assets without giving any access to a third-party.

So, when it comes to security, it's not a disadvantage of Bitcoin if our assets aren't secure because it's our responsibility to do that. We are the ones who should choose the best place to keep our assets and keep our seed phrases and private keys somewhere safe and unreachable for anyone else.

[kentrolla]

I have been in this situation as I have lost the private key and 12 word recovery phrase of my blockchain wallet which I used in 2015 and even while I type this post I tried twice with familiar password but didn't get lucky. It feels disgusting and frustrating. It's sad that we cannot recover the password, thi is definitely one of the biggest drawback but we have to accept it and have a proper backup and it's my mistake that I didn't take things seriously back then as Bitcoin was just $400 or $250 back then. This will act as a negative point if we are careless and if we have this back up it just adds up to layer of security and it's upto us how we take it.

[DaNNy001]

I’m not trying to doubt in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

.

Everything has its disadvantages but don't take the power to be in control of your own finance as a disadvantage. We don't have to be careless and expect the centralized system to save us. I know we're used to others taking responsibility for our well-being but as we want to be in control, we have to leave them and look after our assets ourselves. Always back up your private keys and seed phrase. Also you can go extra miles by not putting all your eggs in one basket. Separate your coins in different wallet so that if you'll need fund frequently, keep it separate from those you'll need to hodl for a longer term, doing this will make sure the wallet is always offline and don't get compromised.

Yeah, that's what I just think of whenever people start talking about the disadvantage of Bitcoin because the world itself is all about good and bad and I believe everything has the both feature as inbuilt so no good project is excluded, so it's now boiled down on how you can limit the disadvantage yourself and enjoy more of the advantages of the project. I believe this technique of separating your asset is not a bad one because your wallet used for saving won't be all that active to avoid anything that would affect you in your long term investment.

[Essential10]

Banks can help you if you lose access to a bank account. In that case, you can regain your bank account access by resubmitting all the documents you provided while opening the bank account, but in that case it may take several days. But it's different with Bitcoin if you lose access to your Bitcoin wallet you have to help yourself. If you lose your pocket money, is it the pocket's fault? Never it's your own fault you couldn't keep your money in custody. Your Bitcoin wallet is independent to you where Bitcoin is independent. If you do not retain the sovereignty of freedom, you are subject to yourself. In this case, there is no problem with Bitcoin, the problem is you.

[|MINER|]

Banks can help you if you lose access to a bank account. In that case, you can regain your bank account access by resubmitting all the documents you provided while opening the bank account, but in that case it may take several days. But it's different with Bitcoin if you lose access to your Bitcoin wallet you have to help yourself. If you lose your pocket money, is it the pocket's fault? Never it's your own fault you couldn't keep your money in custody. Your Bitcoin wallet is independent to you where Bitcoin is independent. If you do not retain the sovereignty of freedom, you are subject to yourself. In this case, there is no problem with Bitcoin, the problem is you.

That's true that Bank can help those user who lose their access on his bank account or he forgot his password. In case he have to provide those document of him. But it is not true that people do not lose money from the bank. In the traditional banking sector by frauding people's checks and then in the current online banking sector through hacking or various scams, their money is being removed from people. Moreover, in many cases it is seen that various banks cheat their users and run away with money. I think that if we can't use each thing properly, it's not the thing's fault, it's our own fault

[Asuspawer09]

Maybe some will probably gonna prefer banks other than Bitcoin or how we store Bitcoin is decentralized, it is obviously better compared to banks since we have full control of our investments unlike banks which already happened to me personally, banks can freeze your account, and if they do that you just cant do anything about it. It's probably going to happen if you have large transactions from cryptocurrency to banks so i dont really recommend cashing out large amounts of money on your banks since they might get suspicious about it where you get that money and end up freezing your account.

Still there are still people that is going to prefer banks instead of cryptocurrency or Bitcoin since it is still a new thing for a lot of people, probably like your mother and father they are going to pick banks since for them it is a legitimate platform other than Bitcoin or cryptocurrency which is already link to a lot of hacks and scam online.

[mirakal]

You can't claim to call a spade a spade and then at the same time conclude that traditional banks seem to be one of the safest places to keep our money. They aren't!
Many people are just ignorant about how banks operate, or are simply lazy and careless when it comes to safeguarding their finances.

They would rather push the responsibility to someone else or a third party, and you call that safe? Hell No.
One of the main points of Bitcoin is for you to become your own bank, have a complete control over your funds and by this it's also your responsibility to safeguard those funds, just like how you would keep your fiat cash in your wallet or pocket.

Let's just say with traditional banks, our money are also their money so they have to safeguard it 24/7 but with bitcoin, we are entitled to secure the own safety of our coins, and that gives us bigger responsibility to safeguard our finances. While bitcoin may be prone to hacks or scams, but it's never a disadvantage of bitcoin but a lack of responsibility of the owner itself. Bitcoin is giving us the freedom not to rely on banks and other third parties, therefore it's giving us the full freedom to control the safety of our own bank.

However, when it comes to the volatility nature of bitcoin, it could be a disadvantage on the eyes of centralized government, but unknowingly this is the best asset of bitcoin that enable us to achieve financial independence when bitcoin hits a new significant all time high price.

[Antotena]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

You should speak for yourself if you like the traditional banks but many people prefer bitcoin, the things you get to do with bitcoin, you will not get it from the bank. I will not deny that I use bank as well but do I like it than bitcoin, no even despite the fact that it's challenging to use it fastly like the way other centralized payment systems are super fast, they don't have decentralization like bitcoin, you don't get freedom like bitcoin because everything is highly censored.

When you create a wallet, the first thing it reminds you is to keep it safe and a warning that will make sure you back it even before you send any coin into it, is that hard to do really do? If you say you like decentralized and you can't back up your seed phrase and keep it safe, then there is nothing to do with bitcoin in the first place.
I hope also you know that having money in with the banks is not a guarantee, you can lose it all as well even when you think you are covered by central bank insurance. The insured money might not be able to cover up for all of the customers if something goes wrong.

[gunhell16]

Banks can help you if you lose access to a bank account. In that case, you can regain your bank account access by resubmitting all the documents you provided while opening the bank account, but in that case it may take several days. But it's different with Bitcoin if you lose access to your Bitcoin wallet you have to help yourself. If you lose your pocket money, is it the pocket's fault? Never it's your own fault you couldn't keep your money in custody. Your Bitcoin wallet is independent to you where Bitcoin is independent. If you do not retain the sovereignty of freedom, you are subject to yourself. In this case, there is no problem with Bitcoin, the problem is you.

Banks are different from Bitcoin; Bitcoin is decentralized; we are in control of our assets; so if there is a problem with the transaction we made with Bitcoin, it is due to our negligence. Who holds and knows the private key, seed phrase, and password?

And the bank is under government regulation, and what you mentioned is also correct; you can still recover your account from the bank, but that depends on whether you can provide the exact requirements that they will ask of you, as if they don't want you to recover yet. The money you entrusted to them will make it difficult to get it out, unlike when you only put money in them for a while when you started opening an account with them.